. >> stephen: so these unelected elites get to wave their wall street wand and tank the economy?y? they're not special and rich. they're standard and poor! [laughter] no wonder they're so moody! [cheers and applause] you're welcome. i'll take that one. [cheers and applause] they are materially harming america. this is nothing more than economic terrorism. and i say we deal with them the way we deal with all terrorists. march marines to their offices, fit them for orange jumpsuits, and whisk them off to gitmo for some enhanced accounting. [laughter] a little number boarding. rough stuff, but it's the only here to tell me other ways we might save our credit rating, please welcome new york times washington bureau chief, david leonhardt. dave, thank you so much for coming. good to see you. [cheers and applause] does it really matter if we have a triple a rating? can't we let the chinese kids get the good grades and we're copy off their financial report? >> it probably matters. >> stephen: why does it matter? >> not so much because of rating but because the rating reflects a reality.

. >> so these unelected elites get to wave their wall street wand and tank our economy. why?not special. they're not rich. they're standard & poor. no wonder they're so moody. >>> time for your political ticker from tim farley. deal done, sign and delivered just in time, tim, for president obama's 50th birthday party. >> yeah, exactly. the president getting out of town, much like the house of representatives and the senate who decided it was time to leave until september. the president, who turns 50 tomorrow and has a nice big special section dedicated to him in "the washington post" will be at the air gone in chicago. jennifer hudson will be there, her by hancock. they've turned this into a political thing where you can go to the campaign to reelect and host your own birthday party at home. i'm not sure if they have special favors for you or anything like that. it is something, to turn 50. >> it is going to be -- he's having a party. it's going to be a fund-raiser. the tea party is protesting it, going to try to bust it up. >> they're doing something across the street about